rally the facebook generation to like the health care law. this afternoon they've got an open mike straight to the oval office. >> and the big chill. we get it, it's december. but this is something else. i'm abbi huntsman, snow and temperatures 40 degrees below normal. we have friends at the weather channel to tell us. >> there's just one hour until wall street closes and the markets are lower and if that's extending three days of losses on the dow and s&p. why the change? there are a few possible reasons. the government's unemployment report comes out on friday. and some expect a gain of 215,000 jobs in november. that's according to an adp estimate and well above expectatio expectations. good news in the real economy could make the fed take off the

training wheels. signs of recovery could pressure the federal reserve to start pulling back its $85 billion monthly stimulus program. the fed just released its beige book. it shows modest to moderate growth. finally, there are some concerns that holiday retail spending is off to a slow start. mean while, president obama turned from health care to the economy offering what the white house billed as a major address on american unequality. some are calling it a early preview of the state of the union and the upcoming initiatives to help the middle class. >> while we don't promise equal outcomes we strive to driver equal opportunities. a grandson, a son, a father, as an american, is to make sure that every striving hard working optimistic kid in mark has the same incredible chance this country gave me. over the course of the next year and rest of my presidency,

that's where you should expect my administration to focus all of our efforts. >> let's look at that new address with friend of the show josh barrow, politics editor at business insider. welcome, josh. the president gave that speech and talked about a lot of things in the economy and mentioned minimum wage ten times and talked about growth. what about this speech is different since we've heard this president talk about inequality before? >> i don't think it is that different. it's a message we've been seeing consistently from the president and minimum wage, i think it's a policy genuinely -- mostly a talking point because it won't get through republican caucus right now. if you get minimum wage increases in a lot of states, that can add up to a significant economywide effect buts the right time to turn to the minimum wage as unemployment is slowly but surely falling, may get down to 7.2 in the next report. the reason to be nervous, it may

discourage and become less and less of a concern as the labor market gets tighter. >> let's look at something the president said today about raising the minimum wage. >> we know that there are airport workers and fast food workers and nurse assistants and retail sales people who work their tails off. and are still living at or barely above poverty. and that's why it's well past the time to raise a minimum wage that in real terms right now is below where it was when harry truman was in office. >> there's lots of good reasons to raise the minimum wage. for all of these folks and adults caught in our turned jobs climate and working minimum wage, it reduces turnover in the jobs and makes people work harder. there's evidence at the lower wage scale it makes people work harder when they make more

money. should the taxpayer be subsid e subsidizing people who work at walmart? the new yorker echoing that minimum wage does not -- raise the minimum wage does not cost jobs. it helps those who work full-time to live decently without having a significant impact on total employment. economists are saying raising the minimum wage to $10, $10.50 will not hurt jobs. >> i think the evidence usually compares states next to each other with different minimum wages. we're talking about somewhere between 7.25 and 10. some of the studies to find a fairly small effect but it's small enough to be worth it. the other reason we're talking about this, there are lots of ways the government can support incomes for people with low incomes, provide wage subsidies or use the earned income tax credit. one way they are doing that is through obama care which

provides a new health benefit to low wage workers who don't get insurance through work. part is what is politically attractive, it doesn't have an explicit cost to taxpayers, it pushes the cost on to employers. the problem with any program with a hidden economic cost, it does flow through somewhere. for example, from retailers that have a lot of minimum wage employees and to some extent in the form of lower employment for people with low wages. it would be nice to talk about a broader sweep of policies aimed at increasing a lot of people with low incomes. nobody is willing to talk about things that cost money to the taxpayer. >> i don't want to get in a big debate about the minimum wage today, maybe another time but the research seems to show that there is little to no impact in terms of increasing unemployment. we have natural experiments all across the country with states and localities that have varied levels of the minimum wage. i did want to listen to what the president had to say, bigger picture about income an

equality. >> top 10% no longer takes in one third of our income. it now takes half. whereas in the past the average ceo made about 20 to 30 times the income of the average worker. today they make 273 times more. meanwhile a family in the top 1% has a net worth 288 times higher than the typical family, which is a record for this country. >> the president is speaking to sort of big structuring trends that have been ongoing now for decades. is there anything that you see in the economy that is going to change without the government doing something, some massive intervention? is there something that's naturally going to occur in the economy structurally that will bring down those record levels of inequality that are so jarring to americans? >> yes, in part. there are two parts no this trend. one we've been seeing for decades rising income at the

tops relative to those in the middle and bottom. and we've seen a widening over the past few years because the labor market has been so slack. there are so many people looking for jobs and very little reason for employers to raise wages to compete for workers. that latter condition isn't going to persist forever. we're already seeing unemployment come down towards 7%. we're going to eventually return more or less to the situation we were in the middle of the last decade where workers have a little bit more power and wages will rise faster. we might have a decline in inequality over the next few years but still left with the long-term trend the president is talking about over decades, driven mostly by worldwide economic challenge. let's say you're a pop star or somebody else who produces intellectual property used by all sorts of people. instead of selling into a market of 200 million, $7 billion makes you more money. for people in the middle, they are competing with workers all around the world with lower wages and pushing their wages

down. there isn't a lot that can be done by policy makers to reverse those trends. i think it's the biggest economic challenge of our time. part of the way to deal with it by raising taxes at the top and create a more generous state to support incomes as you have this natural growth. if if anybody had a silver bullet to fix this, we're seeing this not just in the u.s. but in europe and other advanced countries. >> as you said, i don't know how you feel, josh seems to think we could blame it on the pop stars. >> that's what we do, blame everything on the pop stars. justin bieber and one direction. >> josh you can't talk about the economy without talking about passing a budget which i know the president touched on as well. this growing optimism around maybe passing a budget for 2014 which would avoid another government shutdown come january 15th thanks to this rumored paul murray deal you've been writing about. a positive step forward.

you're not as optimistic and don't think enough republicans will rally behind it. don't you think this time around will be different after republicans were so beat up over the government shutdown, or do you think they'll play the same old game? >> that's the question, the sort of deal we're looking at right now that senator nmurray and senator ryan are inching towards, a deal the republicans were not interested in taking, you would unwind a third of the automatic spending cuts scheduled for next year and replace them with some combination of increase in revenues from higher fees on airline passengers and certain other various spending cuts, from federal employee retirement. republicans didn't want to do a deal like this. one possible nearry is they really want more defense spending but it doesn't seem to motivate that many republicans in congress anymore. the other, you felt really burned by the last government shutdown and want to avoid another one. they have a good thing going politically with everybody talking about obama care and the

problems with the rollout of healthcare.gov and they are afraid of distracting from that. whether they can go and convince 100 some or nearly 200 republican members of the house that it is a good idea and convince the heritage foundation and other conservative pressure groupz to go along with that deal, it's going to be difficult. we'll see whether they succeed. >> one of my favorite parts of covering politics. trying to figure out what will heritage accept and the whole country can wait and see. >> right? >> little heritage christmas present. >> they don't actually get their way. it's a question of how much trouble they have to make before republicans realize -- >> make it their way a lot. >> they got the shutdown they wanted for christmas. >> but didn't get obama care defunded. >> it's a fantasy. >> thanks for keeping it real with us today. >> up next, we have another story developing this afternoon, the 911 tapes from the sandy hook shooting have been released

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more developing news this afternoon. within past hour authorities released a handful of 911 calls from inside sandy hook elementary school ten days out from first anniversary of one of the deadliest mass shootings in american history. obviously a sensitive issue for families who loved ones and many in america for that matter.

for now at least we're choosing not to air them. today's release ends a month-long court fight to make them public. opponents argue the wounds are too fresh. those who argue for the release, say they may provide insight into the way the call was handled and prepare us for future events. just because the media has something, a photograph, a tape, a piece of video, doesn't mean we have to release it and say whatever we get, we put it out and let the people decide how they feel about it. we make decisions about what to air and what to broadcast every single day. and you knee, we have to ask is this valuable for the public good? does it advance the story and enhance our understanding? if it doesn't, are we doing grief tourism? and i think mesh iring what is the public good with releasing information and has to be the prime part of the decision matrix.

not everybody would agree. what do the families think? and end it there. i don't think that is the prime area where you make that decision. we have to be sensitive to families. we are all are. what does it meet with the public good in a situation? >> obviously we're having this debate because many people feel the way you do. i fall more on the side of the families in this specific situation. to focus on any incident like this and this is so fresh and new, less about opening up old wounds and digging in wound very, very new, they will allow no one in to report in newtown. i think this comes down to two questions. you hit on a few of them. for me, does this make us better prepared for another mass shooting? i think that is ultimately a pretty gray area. how do you know what is providing us information and

what's the fine line there. number two, how do those most impacted by it, how do they feel about releasing the tapes? the second one for me personally is most important. this is how the newtown, she sent out a release to the media, imagine yourself as the teacher or staff member in that building desperate to save the lives of children and imagine you are the parent of a child able to escape. then ask yourself, media person, what is the public good and how do i balance that against the hurt? it's really hard for me to read that and put myself in the shoes of family members that lost loved ones and still release the tape. >> and it's important to back up too because the reason that the release of the tapes was today, a year after the tragedy, is because there was a court battle over whether or not to release them at all and authorities in newtown said no, we don't want to do it and then suit was filed saying the public has a right to

information and yuj decided yes, yes, there is a public right to this information. i think it's important to separate the fact that you can agree with the judge and agree with the legal decision that in general there is a legal right for tapes to be made public and also agree with the situation of a newsout let that makes the judgment that this is not something that should be shown on their air. what's important is the law, it should be relatively cut and dry. it gets complicated but you have a rule and it's relatively cut and dry. in the best incarnation, the news media should be able to act in a responsible way so evaluate the impact on the community, the news worthiness and public good. these are things you can't really legs late, you have to trust human kz to make a good decision in that particular instance given the circumstances surrounding the toetalty of it.

>> that's very well put. what you're speaking to as well are the different gate keepers in play here. sometimes they get bad connotation, i don't want the government or press keeping something from me. well, the law here is first gate keeper and as you said they've come to a ruling that says here's the standard, this can't be kept secret to the government which oversees 911 calls. that is one gate keeper and standard. the second gate keeper is very important. and another distinction that i think may work well as we kind of try to unsort this whole thing is that the law needs to have very strict equal standards and equal protection and everybody gets the same day in court. we want the standard on the government release to be equal. the press doesn't always have to have the exact same standard. the judgment that the press is supposed to exercise looks at each event and situation. what we're seeing from multiple

news agencies we're going to be a gate keeper that doesn't release everything, is a judgment that this is a very special case. absent something really unusual in the 911 calls, replaying the first moments of horror from this mass murder of children, which scarred that community, those families and many around the country, doesn't meet that standard. when people say, wait a minute, a lot of people with certain types of problems get caught up in news stories and don't want to be in and a lot of victims families say this. the answer which is not satisfying for the law but works for the news is to say, that's right, this is case by case. and we might not always get it right but on this one, because of this tragedy, we're going to keep those victims families concerns front and center because of the horror. >> i'm not sure how much we're going to learn playing these tapes and listening to these tapes. it reminds me how we cover war as media. if we showed how bad war really is, i bet we would never have

war again. >> up next, new details in the crash that killed paul walker in that deadly train derailment. a lot to get to in the news cycle. if i can impart one lesson to a new business owner, it would be one thing i've learned is my philosophy is real simple american express open forum is an on-line community, that helps our members connect and share ideas to make smart business decisions. if you mess up, fess up. be your partners best partner. we built it for our members, but it's open for everyone.

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now it's time to get you caught up on rest of the today's news cycle, the rockefeller center christmas tree will be lit in five and a half hours in front of tens and thousands fz spectators and millions more watching on tv in new york. temperatures near 50 degrees, not too frightful but that's not the case across the country with the cold temperatures as well as snow moving east. chris warren is tracking it all for us. >> we are looking at some snow still coming down in parts of minnesota. but the big story in the days to come, will be the cold and the possibility for some dangerous ice that will be setting up throughout parts of the country. we're going to be seeing some

very cold air drop down from canada. this is arctic air. some of the coldest air that we can see here. and then moisture coming in across the south. that comes up over the cold air. that sets the stage for potential dangerous situation. could be dangerous to be on the roads, likely to see power outages where we do get significant icing and could be in central texas up to the ohio valley. on the north side of things, right up in here, later this week we're going to be seeing that threat for some snow moving into the picture here. we're going to watch that snow. also we're going to watch for much colder temperatures with this. here's a look right now whether you're going to see that snow parts of missouri, could see 5 to 8 inches. again, south of that you're expected to see a chance for some ice. look at the temperatures. st. louis going from the 60s to topping out below the freezing mark into the 20s and even overnight into the teens on

friday. looking for very cold temperatures, however, different story in the northeast. it's going to stay mild for the next few days, next chance for rain will be on friday. >> chris warren, thanks for the update. >> federal investigators continue to review the activities at the metro north engineer from the 72 hours before the train who was at the helm that crashed. his client experienced a sort of days in moments before the train traveling nearly three times the speed limit. derailed going around a curve killing four people and injuring dozens of others. investigators continue to pore over contents looking for clues whether operator or mechanical error is to blame. there appear to be no issues with the brakes. a preliminary autopsy report for paul walker killed in a car crash at the young age of 40. he died not only from the impact of the crash but also the subsequent fire. he died along with his friend

while the two were on their way to a charity event late saturday afternoon. police believe speed was a factor. >> president was out again just last hour stumping for the affordable care act. he spoke to young americans at the white house encouraging them to sign up for health insurance. we'll get into that in a little bit. the administration is up against the december 23rd deadline in order for coverage to kick in on january 1st. one of the least touted but most successful parts of the aca has been the medicaid expansion in the states. that's happening at the state level. decision by decision. in october alone, nearly two and a half million people applied for assistance from state run health care agencies. a little more than a million were deemed eligible and those are numbers that are critical to the overall success of the health care law. a few industry experts know more about this particular component. matt is with us from washington. thanks for joining us. >> thanks for having me.

>> we talked a lot about the political decision-making behind governors at the state level deciding whether they are going to go forward with the medicaid expansion. it's largely been red state governor who's reject it and largely been blue state governor that accept it. there have been exceptions like jan brewer to cite one. what are the nonpolitical factors that are going into this decision of whether or not to go forward with the medicaid expansion at the state level? >> it's important to keep in mind this started off not as a component of the aca but the supreme court who said the medicaid expansion is unconstitutional. that turned it into an option. and the first question that every state had was what does that mean? what does it mean to be optional? and the administration pretty quickly came out and said it's a binary choice, you either do it or you don't. for half of the states, that was good enough. they said, you bet, we're in, we'll do it. i would argue the other half of

the states largely are looking for a way to get to yes and what they are asking is are there other options on this menu? are they variations on this theme we can do? and what you're seeing is some combination of either a look to try to do greater beneficiary cost sharing, whether that's in terms of co-pays or premiums or whether that's more personal responsibility, whether that may take the form of requiring beneficiaries to do a job search or placing lifetime limits, or some version of what we see in the state of arkansas, that was able to do the medicaid expansion but they are actually placing the vast majority of those medicaid beneficiaries directly into the insurance marketplace. so i think what you're seeing is a lot of states who were currently at no trying to figure out, is there some kind of variation on that that could

make it more pal atable in our state in the. >> i wonder if we're going to see two americas develop from the states that are saying no and those that are saying yes, the 2012 study from new england, the new england journal study of medicine, when states expanded medicaid and gave more poor people health insurance, fewer people died. so i mean, it sort of seems to be we're heading toward two separate realities where folks in the states that are getting to yes will have people living longer and being legtier than the other states. >> i don't know it's quite that simple to say that there are two americas or there will be two americas. if you look at the institute of medicine, there's a lot of factors that go into what really makes people healthy. health insurance is a component but it's not necessarily the biggest one. i think what you're seeing in a lot of states, they are saying what's the -- what is the way that we can be the most prudent

stewards of taxpayer dollars and still get the same thing accomplished? >> let me jump in there. part of the issue with the supreme court typically when you amend a federal program it stays with the arrangement you had. what the supreme court held it was highly coerceive to conditin money on the expansion. from where you stand you're trying to represent everybody. you're looking for consensus and national solutions. it would be problematic, wouldn't it, to have different criteria in different states for different programs? don't we need all of them involved in one rule? >> not at all. if you look at the medicaid program today or 20 years ago, there was extreme differences in from what one state did from its neighbor. you've had states very generous going back decadeses alongside

states that held on to bear minimums. this is what happens today. i don't think we're in danger of creating a new two america dooms day scenario. >> how do you incentivize people to get healthy. in order for this thing to work and begin making head way on the cost, it does come down to personal responsibility. >> i think personal responsibility is really important. but that's not the only responsibility that's important here. i kind of liken this to the spider-man philosophy, with great power comes great responsibility. >> nice. >> thanks. >> there's responsibility here that goes around for everyone. it's not enough to say to the consumer, you know what, we don't like you going to the e.r., we're going to fine you every time you go. you've got to look, why is this person going to the e.r.? it's because they work two jobs and got a bunch of kids and nothing is open when they are

free. you've got to say, we will create access points for you. we've got states like south carolina that are turning minute clinics into medicaid providers. you've got to figure out how at both the patient level but also at the doctor level and the payer level, how do we create an environment that's conducive to people getting healthier? i think that's for too long in the u.s. health care system, all we do is pay for medical services and that's not enough to get people healthy. >> we have to figure out a better partnership. matt salo, thanks for being here. >> is it discrimination if you really, truly have the best intentions? the last minute twist in a case testing a bedrock of civil rights in america. we'll tell you about that next. ♪ i've got you under my skin if you're seeing spots before your eyes...

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>> today the supreme court was scheduled to hear arguments in the most important civil rights case in its new term. it began ten years ago when a new jersey town tried to seize and tear down a set of homes in a troubled neighborhood. many of the residents were minorities and some sued the town to stop the demolition, even if the town didn't deliberately discriminate based on race, it was so unfair it must be illegal. many feared conservatives on court would use this case to overturn the civil rights act of 1968, a set of housing protections congress passed a week after martin luther king was assassinated. there's a wrinkle here. reporting on the standoff in new jersey and the supreme court's approach to race, he joins us now from washington. how are you? >> great. how are you? >> doing well. you have been looking at this issue and went to see this town.

explain to people why the town would be wrong to say that if their government officials didn't discriminate based on race, they should be in the clear? >> there's an action called dispar at impact, if something has a disproportional impact on minorities it may -- and i stress may, may be illegal. that's because when we're talking about discrimination we're not merely talking about what happened in the present moment but the history that brought -- that brought the present circumstance to be as it is today. not just about what the town is necessarily doing at that moment. >> that disparate impact philosophy so so important. racism can be hard to prove. it can be much harder to deny. this case cannot madid not makee supreme court but ari tells me it probably well and civil rights law has not fared well, a lot of federal protections have

been eviscerated by this court. and a lot of civil rights folks are saying whatever we can do to avoid going to scotus will be better for our strategy. >> chief justice john roberts has taken a clear approach to race, efforts -- federal efforts to resolve racial discrimination are actually worse than actual racial discrimination as it exists today. we've seen the consequences of that. where you saw john roberts essentially say, racism today isn't serious enough to warrant this federal intervention, let's just -- we don't need this law anymore. the result as you can see across the country is states passing laws that restrict the franchise in a way that disproportionately affects people of color. >> what about the argument though the town's argument that they are just trying to improve a troubling area that actually is the city's role to try to rehabilitate problem areas? you think the alternative longer term might be far worse, right?

>> that's an important question. not everything that disproportionately impacts minorities is illegal. the question is whether or not there was a less discriminatory alternative available. the town found one. the town partnered with fair housing groups and found money to set up a situation where people like -- own their homes for decades and worked hard to own homes and would have been out of homes and unable to buy new ones were able to have new residences at lower cost inside the same neighborhood. the answer to that question, as long as there's a less discriminatory alternative and the thing that the town is doing is that -- not necessary to achieve the result they are looking for, then that's what you should go with. that's what the law says. >> picking up on the point of where we go from here on civil rights, do you see disparate impact or housing conditions vulnerable for this court? >> they are extremely vulnerable

because the banks hate them. the obama administration has gotten more money through the banks through housing sett settlements through housing zrimts. they've done a number on the banks in terms of going after practices that they see as being discriminatory on the basis of disparate impact, they are trying to tee up another case to make sure john roberts can make disparate impact a thing of the past. >> that's an important point. there are these parties, including big banks which aren't the most popular, trying to get the stuff before the court to make money off a different set of laws. thanks for being here. >> thanks for having me. >> now. is this thing on? innovative approach to getting young people to sign up for obama care. he made his pitch this afternoon. but is anybody listening? cer ] here's a question for you. if every u.s. home replaced one light bulb

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>> the president just last hour at the white house youth summit encouraging those in attendance to spread the word to sign up for insurance on government exchanges. young people are critical to the law's success. the white house estimates 40% of enrollee ees needs to be under 35 and healthy to keep premiums down. according to a wall street journal poll, the president has work to do. 45% said it needs a major overhaul or be totally eliminated. two people to open up the lines of communication with the way for young americans to submit ideas on how to make the law work for them. policy mike is launching this open mic competition, jake who wits joins us from the north lawn and check ris is here with. the white house is going to be a part of it. tell us all about it. >> today we're super excited to

launch first of its kind discussion where we'll be taking the best ideas from millions of young people across the country about how to make this law work for our generation. >> and jake, to back up for a second. policy mic is a pretty new organization. you guys are basically still a startup yet it has taken off. you bet big on millenials. >> the thing we've found, they want to engage in a new way in the digital age. this competition is built xak exactly to engage our generation on how to make the law work for us and engage young people in a conversation around health care that we're desperately wanting to have. >> jake, talk to us about the distinction between all of the political efforts to sell the law and president has done plenty of that and the policy and educational piece you're trying to work on. it seems different. if you can, tell us anything

about what happened at the white house today. >> sure thing. the first thing to say if we know anything from polls young people remain immensely uneducated about this law. only a tiny percentage of young people who know what's in the bill. here at policy mic, the big reason we're launching this to have our generation submit ideas on how to get them signed up and have a conversation. fact we're here at the white house validates the conversation we're having on our site will be a real conversation that people will be taking seriously and listening to. the exciting thing is the top three most voted on ideas will get a response from the white house. we're excited to have this conversation with young people. >> i find what you guys are doing so interesting and so important. you guys are both working together own health care, it seems you're doing a better job than congress these days. as a republican, the republicans are trying to find their way in

this conversation. what is your message to young people about health care? >> on our message we're focused on hearing everybody else's perspective, we've seen as our generation, a lot of partisan bickering on both sides of the aisle without a real discussion of what the court issues are here that will affect us now and in the long term. >> what are you hearing from the young people? >> we're hearing ideas on both sides of the aisle. we're hearing some people that are very much for the law and making it work and some people worried about what long term ramifications are of this law on our generation. so this discussion is a real opportunity to air out both sides of the discussion in a thoughtful way and forum that's one of its kind. >> and hopefully to bring attention to the law as well since there still seems to be a lot of uncertainty among young people. jake, we've heard a lot of

predictions that young people, young invincibles will wait until the last minute and when the deadline is upon them, they'll go to the sign up. do you think that's what's likely to happen? >> well, at policy, we think the key piece here is educating young people about the bill. the interesting thing with the website issues and political bickering, we haven't really had a conversation amongst young people yet about what this law is, what this law means for young people, and how to make this law work better for our generation. so our perspective is, having this conversation now and having the white house respond to our ideas as a validation of our conversation really, really helped to energize our generation into making that decision, whether they should sign up, and once they're educated people should decide for themselves. but they first need to be educated and this is a really unique way to do so. >>, and you know, chris, i want to broaden it out a little bit and look at how young people relate to this president. you know, tomorrow he's actually

sitting down with a bunch of students and our own chris matthews, talking about a bunch of issues. they did that -- >> what time is that happening? tomorrow? >> nice. >> i want to say 7:00 eastern. all the way -- >> msnbc. >> anyway. >> but more than one person has pointed out, if you compare that to it around before the 2008 campaign, when they did one of these with young people, a ton of the questions were young people asking about iraq, foreign policy, our place in the world. that was top of mind. and it seems right now, and i want your thoughts, that young people have a lot of different things on their mind from the folks that you're conversing with here. what is this generation's association with the obama presidency? >> yeah. i mean, the big picture that we have seen is that young people are incredibly politically engaged. they voted in a larger percentage in 2012 and 2008, even though there was less enthusiasm about the obama administration the second time around. what we're seeing now is people waiting to make up their minds. i mean, the obama administration

will be remembered by the outcome of this health care law. >> do you think more than anything else? >> more than anything else. and our generation will feel the impact of this law for the next two decades. so if we don't get this right, we're in big, big trouble. so for us i think now is the time to really dig in and see whether this law is good for us, and if not, how can we make it better, because this is going to impact us one way or the other for a long time to come. >> jake, really quickly, the president spoke specifically to young people about getting the word out. how do they get the word out? >> an amazing collection of groups here doing work. outreach works specifically for us and how we're approaching this. we're going date of birth reaching out and working with organizations all over the country, getting them to submit both liberal and conservative groups, tech community in new york, people here in d.c., people in the media, lot of different partners to begin to have this conversation.

>> that's great. jake horowitz, wonderful work you're doing. thank you for joining us. and up next, ari shines a spotlight on something big banks don't want you to see. stick with us. ♪ [ male announcer ] wildlife rescue workers open up a lot of dawn -- tough on grease yet gentle. dawn helps open something even bigger. [ all ] 3, 2, 1! this year, dawn is also donating $1 million. learn more at dawnsaveswildlife.com.

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plus a camera at no additional charge. that's a total savings of over $450 -- adt's best holiday offer. for everything that matters most. ♪ adt. always there. ♪ money makes the world go around ♪ ♪ money makes the world go around it makes the world go round ♪ >> we are in a jobs crisis today, because of the market crash of 2008 and the key reason for that crash was that our friendly bankers changed the way

credit works. and the good old days, banks only gave out loans to people whom the banks thought would be able to pay them back. that makes dollars and cents. the banks collected those loans plus interest that was profitable and safe. but after congress loosened financial rules, the banks started giving out loans to people who often could not pay them back. the banks collected part of those loans, plus interest. but then resold oh pieces of those loans to other investors. and sometimes the especially greedy sold all of the loan. so then the banks didn't ever care at all if they were paid back. but guess what? the economy did care. a lot. that debt kept piling up and as it got bigger, investors and speculators raced to repackage and resell the debt before they got stuck with a bill. and when the bills came due, an explosion hit the home loan market, spread to the stock market and sparked a global credit crisis that led to the crash, the bailouts and yes,

today's ongoing jobs crisis. flash flood to 2010. congress said it wanted to crack down and prevent another crash. the key goal was removing the temptation for banks to issue bad loans that they could pawn off on the rest of us. the policy objective was to make banks stand by their loans by requiring some ownership so they had skin in the game. >> everybody has to keep some skin in the game. >> everyone will need to have a little skin in the game. >> some skin in the game. >> everybody is going to have some skin in the game. >> congress passed the dodd/frank reform with a rule that banks must hold at least 5% of most home loans, and there was one exemption for super safe loans. but today the regulators who apply that rule on the ground, writing the details and enforcing it, they're proposing a loophole that would apply that super-safe exemption to most loans. so all that skin? it's not in the game after all. as the "new york times" floyd norris reports, the banks lost their fight to avoid skin in the game in congress. but now they may well win it in the regulatory agencies.

that fight is now. and as the bill's lead author, barney frank, explains, this rule is the single-most important part of the bill. he's calling on the regulators to back off and force bankers to stand by some of their work. congress already let the banks pawn off 95% of these type of loans but think of that much and they want the whole loaf. did wall street learn anything from the crash? well, yes. banking is about risk and reward and in a bailout economy, we take the risks, and the banks increasingly get the rewards. and you know the old saying about why people rob banks. >> yo, man, van dike. >> yeah. >> do you remember willie sutton? >> my hero. >> all right, now, what did willie sutton say when they asked how come he robbed banks? >> that's where the money is. >> exactly. washington, d.c. that's where the money is. >> that works in reverse, too. the banks will keep coming back to our congress, because that's where the money is. our money. all right. that does it for "the psycycle."

joy reid, all yours. >> leave it to ari to bring back eddie murphy. president obama is making a list, and he's checking it twice. >> this is the defining challenge of our time. making sure our economy works for every working american. that's why i ran for president. the basic bargain at the heart of our economy. this increasing inequality is most pronounced in our country. a child may never be able to escape poverty, because she lacks a decent education or health care. that should offend all of us. what drives me is a grandson, a son, a father, an american, is to make sure that every striving, hard-working, optimistic kid has the same incredible chance that this country gave me. dr. king once said, of all the forms of inequality, injustice in health care is the most shocking. not anymore. if you still don'te